The Economic Considerations of Hardwood Flooring
It’s no secret that hardwood is one of the more expensive flooring options. The synthetic flooring options are often less expensive; however, the economics are more complex than you might think. There are considerations about the cost of the materials themselves, the cost of installation, and the resale value.
The Cost of Materials
The first expense will be the cost of the flooring itself. You can buy the hardwood new from a supplier. This will likely be about the middle of the cost range. New flooring planks will give you the most versatility and the most opportunity. You’ll be able to find hardwood in a wide range of varieties, finishes, and stains. The lower end of the cost range will be used hardwood floors that are not very old. These are hardwood floors that have likely been used in somebody’s house or office; they might even have a little bit of damage.
The most expensive floors are either new imported hardwoods that are very rare or reclaimed wood from a great source. For example, the hardwood floor from a 19th century home or planks made from sunken logs can be very expensive. No matter which hardwood flooring you choose, you’ll have the opportunity to defray some of those costs.
The next expense for your hardwood floors will be installation. If you are trying to decide between solid hardwood and engineered hardwood, you should consider installation costs. Engineered hardwood and some shiplap-style solid hardwood has a tongue and groove construction that allows the planks to basically snap together. They can also be installed to float on a subfloor; that means you won’t need to nail them down. In those cases, the installation will likely cost less; in fact, many people install the flooring themselves.
So, if you’re looking to save money on hardwood flooring installation, you should consider doing it yourself. If you do not have great DIY skills, you still might be able to install engineered hardwood. Furthermore, you should consider the number of times you’ll need to replace it. Since hardwood lasts so long, you won’t have to reinstall it in five years as you would some other material. So, the up front cost might be higher but it won’t recur as often.
Hardwood flooring also offers you a high resale value. The resale value is twofold. If you have hardwood in your house, you’ll be able to sell your house for more than you would otherwise. You also would be able to resell your hardwood floor itself.